Bitcoin's recent price surge to $74,000 has been short-lived, with the cryptocurrency plummeting back below $71,000 as market momentum faded.
The brief rally was largely attributed to US buyers returning to the market, pushing prices off multi-week lows. However, analysts believe that this is not a sign of recovery from the bear market, but rather a temporary release of pressure.
According to CryptoQuant's Bull Score Index, which measures Bitcoin's technical and fundamental health, the number remains at historic lows, indicating a bear market environment.